Can we have a thread about the facts.

[Soddingepiphany]

My mind is whirring after reading Mumsnet the last few days with contradicting speculations, so I was hoping we could have a thread that isn't about predictions or even about which way you voted but is simply dedicated to what is currently happening.

And if anybody has any links for reliable up to date information about our current financial situation etc could you please share them.

I'm not sure what sort of facts you are after, but as yet, nothing has changed in terms of our relationship with the EU. Until the tories can find a leader brave enough to invoke article 50 (ie give official, irrevocable notice to leave) then the UK remains a member of the EU.

The financial fall out will play out over the coming weeks and months, but an 8%+ drop in sterling, accompanied by a move from fifth to sixth largest world economy as a result, is enough to be getting on with.

Mistigri, thank you. You're information about the sterling and our position in the world economy is exactly the information I'm looking for.

I was just hoping to create a thread that was focused on what is happening now and a thread that continues to focus on the present because I'm not finding the the speculation about the future and the animosity about the vote threads particularly helpful as I imagine others aren't.

The EU will teeter this summer. Watch the Italian banks. Their shares fell 20% on Friday. They have an unsustainable level of debt. Italy is next up for a Greece type situation...... Once the 3rd Greek bail out is over.

Watch the Italian banks. Their shares fell 20% on Friday.

So did the shares of the large UK banks, although in reality the UK banks have been marked down even more heavily than their european counterparts, because sterling tanked at the same time. Go and look at a share price graph for UK banks in US$ terms; they lost a quarter of their value on Friday. There is no way to put a positive spin on this (unless you're an investor who is looking for yield ....).

Facts are all things in the past.

We are in a post-fact era.

Here, listen to this instead:
Maximo Park - Leave This Island

I'm surprised that things have stabilised so quickly though the simple fact is that some people lost an awful lot of money getting to make things look far worse than they were.

You can't buck the market, or rather it costs an awful lot of money to do so.

The brit banks are fine.. Way beyond fine.

Have a peek in a week and a look in a month. Nothing to worry about. :)

And if anybody has any links for reliable up to date information about our current financial situation etc could you please share them

I recommend that you look at what Neil Woodford has to say about Brexit and the UK economy. If you are not sure about him look up his track record.

Amid all the confusion and dismay there is some good news. Lower pound should mean better exports. Interest rates look likely to be even lower. FTSE has rallied well. Look at a 3 month chart to see.

Lots of uncertainty in the world though , of course. Hope we get some positive words from the Tories on Monday. They are the bloody government they need to step up.

Martyn Lewis has a good Brexit Q and A section on his site. The comments there are sensible too. No doubt he will update it on Monday.

Ignore George Soros. Dr Doom currency speculator.

Economist Ruth Lea is a good source of info though hers is an openly pro - brexit view so maybe too positive.

FTSE has rallied well. Look at a 3 month chart to see.

And then look at that chart in dollar terms, and consider the fact that the UK moved from fifth to sixth largest economy on Friday.

That said, I think we will see some stabilisation in the stock markets (not so much in sterling) - because we haven't actually taken leave of anything yet (except our senses) and look increasingly unlikely to do so.

red have taken the liberty of adding Maxïmo Park to the music thread. You have cheered me up as I adore that song with a passion so although I am across the channel (expat) I send you hugs and .
m.youtube.com/#/watch?v=QpEDmhebhxM part of an acoustic set, I posted their sublime acoustic version of LTI on the other thread but books from boxes is also divine. Enjoy x

Millyonthefloss, thank you for those people you suggested. I've looked at the Martyn Lewis Q&A and found it very helpful, will check out the other ones when I've got a spare few minutes.

Thanks Sodding. Just saw Javid (Business Secretary) on the Andrew Marr Show. He was really positive and restored my faith that the government is going to make this work.

The main 'fact' that has me wondering at the moment is who is going to pull the trigger on article 50? Despite Cameron saying he would do just that the morning after the vote he instead resigned and left it up to Boris and his fellow brexiters who are now furiously back pedalling.

So Cameron instigates the whole thing and Boris is instrumental in pushing it forward but when it happens they both are nowhere to be seen.

I'm utterly gobsmacked. The country is stagnant and our government has tucked tail and ran.

Sorry I'm just derailing my own thread here!

Sterling down again. Shares in banks, housebuilders, insurers have all been temporarily suspended this morning. FTSE 250 down another 5% (the FTSE 250 is a better indicator of the real UK economy than the FTSE 100).

"It's the end of the world as we know it, but I feel fine", sing the brexiters.

Soddingepiphany

Facts are difficult as we are still waiting to find out what leave is actually going to be and leave have always been purposely disengenious on free movement.

Boris has hinted at the deal that he wants to try to get is free movement, no veto, still pay in deal.

This would be the least damaging of the option for the economy but will make the 'take our country back types' absolutely furious.